About 600,000 Nvidia H200 chips sit in Hong Kong as Beijing withholds import approval, Reuters reports
Two people say the stockpile awaits shipment to the mainland; China has let some in and several large internet firms each got about 10,000 H200s, but large-volume imports are not approved.
Why it matters
The stockpile shows the bottleneck on Nvidia's China sales has shifted from Washington to Beijing: the H200 is not Nvidia's newest chip, but Reuters says Chinese alternatives still cannot match it for training when paired with Nvidia's software. Beijing appears reluctant to deepen reliance on US technology even as its tech firms want more computing power. Some chips have entered through intermediaries and indirect routes. Watch for approvals from China's industry ministry or NDRC and any effect on Nvidia's China revenue guidance.
Key facts
- About 600,000 H200 chips stored in Hong Kong, two people said
- Beijing has not approved large-volume imports
- Several major Chinese internet firms each got about 10,000 H200s
- Small quantities shipped via intermediaries and indirect routes
- MIIT, NDRC, Nvidia, Alibaba, ByteDance, DeepSeek and Tencent did not comment
- Reuters exclusive, 5 November 2026